Tuesday, November 2, 2010

Rare Earth: Inner Mongolia Baotou Steel Rare Earth Hi Tech Co. Ltd. Reports 369% Increase in Q3 Net (600111 Shanghai)

This is the big dog.
And one that the Chinese government says will be on top of the mandated industry consolidation.
I forgot to post this last week, sorry.
From Capital Vue:
October 28 -- Inner Mongolia Baotou Steel Rare-Earth Hi-Tech’s (600111) third-quarter net profit rose 368.67 percent from the previous year to 250 million yuan, reports the Economic Observer, citing a company announcement.

For the first three quarters, net profit reached 600 million yuan, compared with a net loss of 13.65 million yuan in the same period last year. The company predicts this year’s net profit will grow by over 1,200 percent from 2009.

Baotou Rare-Earth's shares slipped 3.17 percent to 90.93 yuan at 14:53 p.m. on the Shanghai Stock Exchange today.
Here's the 1-year chart from Yahoo Finance:
Chart forIM BAOTOU STEEL RA 'A'CNY1 (600111.SS)

We have quite a few posts on Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co.: 

"Mining hordes invade Mongolia, the 'Kuwait of Central Asia'" and "Hong Kong a good market for Mongolian IPOs" 
Chinese Rare Earth Stocks Limit Up in Weak Chinese Markets